GitLab (NASDAQ:GTLB) Rating Increased to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of GitLab (NASDAQ:GTLB) from a hold rating to a buy rating in a report issued on Monday morning, MarketBeat reports. They currently have $70.00 price objective on the stock.

A number of other brokerages have also recently commented on GTLB. UBS Group upped their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 target price on shares of GitLab in a research note on Monday, August 19th. Royal Bank of Canada upped their price target on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. TD Cowen raised their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Morgan Stanley began coverage on shares of GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 target price for the company. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.38.

GitLab Stock Up 0.2 %

Shares of NASDAQ:GTLB opened at $55.43 on Monday. The firm’s 50 day moving average price is $50.76 and its 200-day moving average price is $50.97. The stock has a market capitalization of $8.81 billion, a PE ratio of -20.16 and a beta of 0.46. GitLab has a twelve month low of $40.19 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same period last year, the firm earned ($0.29) earnings per share. The company’s quarterly revenue was up 30.8% on a year-over-year basis. Analysts expect that GitLab will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,673 shares of company stock valued at $5,523,472 over the last ninety days. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

Hedge funds and other institutional investors have recently modified their holdings of the business. Moloney Securities Asset Management LLC boosted its holdings in GitLab by 4.9% during the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after acquiring an additional 300 shares during the period. Park Avenue Securities LLC lifted its position in shares of GitLab by 9.6% during the first quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock worth $207,000 after purchasing an additional 311 shares during the last quarter. Canton Hathaway LLC boosted its stake in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after purchasing an additional 435 shares during the period. Blue Trust Inc. grew its holdings in shares of GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after purchasing an additional 488 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Company Profile

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.